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Indo Gulf Industries Ltd.

BSE: 506945 Sector: Industrials
NSE: N.A. ISIN Code: INE684U01011
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Indo Gulf Industries Ltd. (INDOGULFINDS) - Auditors Report

Company auditors report

To

The Members of Indo Gulf Industries Limited

Report on the Financial Statements

We have audited the accompanying financial statements of Indo Gulf IndustriesLimited ("the Company") which comprise the Balance Sheet as at 31st March2016 the Statement of Profit & Loss Cash Flow Statement for the year then ended anda summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Financial Statements

The Company’s Board of Directors is responsible for the matters stated in Section134(5) of the Companies Act 2013 (‘the Act’) with respect to the preparationand presentation of these financial statements that give a true and fair view of thefinancial position financial performance and cash flows of the Company in accordance withthe accounting principles generally accepted in India including the Accounting Standardsspecified under Section 133 of the Act read with Rule 7 of the Companies (Accounts) Rule2014. This responsibility also includes maintenance of adequate accounting records inaccordance with the provision of the Act for safeguarding of assets of the Company and forpreventing and detecting frauds and other irregularities; selection and application ofappropriates accounting policies; making judgments and estimates that are reasonable andprudent; and design implementation and maintenance of adequate internal financialcontrols that are operating effectively for ensuring the accuracy and completeness of theaccounting records relevant to the preparation and presentation of the financialstatements that give a true and fair view and are free from material misstatement whetherdue to fraud or error.

Auditor's Responsibility

Our responsibility is to express an opinion on these financial statements based on ouraudit. We have taken into account the provisions of the Act the accounting and auditingstandards and matters which are required to be included in the audit report under theprovisions of the Act and the Rules made thereunder.

We conducted our audit in accordance with the Standards on Auditing specified underSection 143(10) of the Act. Those Standards require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetherthe financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts anddisclosures in the financial statements. The procedures selected depend on theauditor’s judgment including the assessment of the risks of material misstatement ofthe financial statements whether due to fraud or error. In making those risk assessmentsthe auditor considers internal financial control relevant to the Company’spreparation of the financial statements that give a true and fair view in order to designaudit procedures that are appropriate in the circumstances. An audit also includesevaluating the appropriateness of the accounting policies used and the reasonableness ofthe accounting estimates made by the Company’s Directors as well as evaluating theoverall presentation of the financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the financial statements.

Opinion

In our opinion and to the best of our information and according to the explanationsgiven to us the aforesaid financial statements give the information required by the Actin the manner so required and give a true and fair view in conformity with the accountingprinciples generally accepted in India.

a. In the case of the Balance Sheet of the state of affairs of the Company as at 31stMarch 2016;

b. In the case of the Statement of Profit & Loss of the loss for the year ended onthat date; and

c. In the case of Cash Flow Statement of the cash flows for the year ended on thatdate.

Report on Other Legal and Regulatory Requirements

i. As required by the Companies (Auditor’s Report) Order 2016 ("theOrder’’) issued by the Central Government of India in terms of sub-section (11)of section 143 of the Act we give in the "Annexure - A" a statement on thematters specified in paragraph 3 and 4 of the Order to the extent applicable.

ii. As required by the Section 143 (3) of the Act we report that:

a) We have sought and obtained all the information and explanations which to the bestof our knowledge and belief were necessary for the purpose of our audit;

b) In our opinion proper books of account as required by law have been kept by theCompany so far as it appears from our examination of those books;

c) The Balance Sheet the Statement of Profit & Loss and Cash Flow Statement dealtwith by this report are in agreement with the books of accounts;

d) In our opinion the aforesaid financial statements comply with the AccountingStandards specified under Section 133 of the Act read with Rule 7 of the Companies(Accounts) Rules 2014;

e) On the basis of written representations received from the directors as on March 312016 and taken on record by the Board of Directors we report that none of the director isdisqualified as on March 31 2016 from being appointed as a director in terms of Section164 (2) the Act;

our separate Report in Annexure - B

opinion and to the best of our information and according to the explanations to us:

i. the Company has disclosed the impact of pending litigations on its financialpositions in its financial statements.

ii. the Company did not have any long term contacts including derivatives contracts forwhich there were any material foreseeable losses.

iii there has not been an occasion in case of the Company during the year under 'report to transfer any sums to the Investor Education and Protection Fund . The questionof delay in transferring such sums does not arise.

For MANV & Associates
Chartered Accountants
Firm Registration No. 00735 IN
Vijay Kumar Jain
Place: New Delhi Partner
Date : 9th April 2016 M. No.087502

2016 we report that:

i. a) The Company has maintained proper records showing full particulars includingquantitative details and situation of Fixed Assets.

b) As explained to us Fixed Assets have been physically verified by the management atreasonable intervals; no material discrepancies were noticed on such verification Howeverin respect of fixed assets of the plants could not be verified due to seizure of plants.

c) The title deeds of immovable properties have not been produced before us forverification. Therefore we are unable to report under paragraph 3(i)(c) of the Orderregarding the title deeds of the immovable properties.

ii According to information and explanation given to us and on the basis of ourexamination of books of account the Company does not have inventory during the year andas on 31.03.2016. Therefore the provisions of the paragraph 3 (ii) of the Order is notapplicable to the Company.

iii According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not granted any loans secured orunsecured to Companies Firms. Limited Liability Partnerships or other partiescovered in the register maintained under section 189 of the Companies Act 2013 Thereforethe provisions of the paragraph 3 (iii) of the Order is not applicable to the Company.

iv According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not granted any loans made anyinvestments given any guarantees and security where provisions of section 185 and 186 ofthe Act are required to be complied with. Therefore the provisions of the paragraph 3(iv) of the Order is not applicable to the Company.

v According to the information and explanations given to us and on the basis of our

examination of books of accounts the Company has not accepted any deposits from thepublic covered under section 73 to 76 or other relevant provisions of the Companies Act2013 and rules framed thereunder. Therefore the provisions of the paragraph 3 (v) of theOrder is not applicable to the Company.

vi As per information & explanation given by the management maintenance of costrecords has not been prescribed by the Central Government under sub-section (1) of section148 of the Companies Act 2013.

vii. According to information and explanations given to us in respect of statutorydues:

a) According to the records of the company undisputed statutory dues includingprovident fund employees’ state insurance income tax sales tax service tax dutyof customs duty of excise value added tax cess and any other statutory dues to theextent applicable have generally been regularly deposited with appropriate authorities.According to the information and explanations given to us there were no outstandingstatutory dues as on 31st March 2016 for a period of more than six months fromthe date they became payable. However due to non availability of records on accounts ofseizure of explosive units at Babina we are unable to comment whether in respect ofearlier years any undisputed statutory were outstanding at the year end.

b) According to information and explanation given to us and on the basis of ourexamination of books of account there are no disputed dues of income tax sales taxservice tax duty of customs duty of excise and value added tax except the following:

Name of the Statute Nature of the Dues Amount(Rs.) Period to which the amount relates Forum where dispute is pending
Income tax Act 1961 Income Tax 405075 2011-2012 Commissioner of Income Tax (Appeals) New Delhi

viii. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not defaulted in the repayment of loansor borrowing to financial institution bank government or dues to debenture holders.

ix. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not raised money by way of initial publicoffer or further public offer (including debt instruments) and term loans during the year.Therefore the provisions of the paragraph 3 (ix) of the Order is not applicable to theCompany.

x. In our opinion and according to the information and explanations given to us nofraud on or by the Company has been noticed or reported during the year.

xi. According to information and explanation given to us and on the basis of ourexamination of books of account the Company has not paid/provided any managerialremuneration during the year. Therefore the provisions of the paragraph 3 (xi) of theOrder is not applicable to the Company.

xii. According to the information and explanations given to us the Company is not aNidhi

Company. Therefore the provisions of the paragraph 3 (xii) of the Order is notapplicable to the Company.

xiii. According the information and explanations given to us and on the basis of ourexamination of the records of the Company all transactions with the related parties arein compliance with section 177 and 188 of the Act where applicable and the details havebeen disclosed in the Financial Statements as required by the applicable accountingstandards.

xiv. According the information and explanations given to us and on the basis of ourexamination of the records of the Company the Company has allotted the preference sharesduring the year and has also complied the requirement of section 42 of the Companies2013. However preference shares have been allotted on 28th March 2016 and amount raised islying in the current bank account at the end of the year.

xv. According to the information and explanations given to us the Company has notentered into any non-cash transactions with directors or persons connected with them.

xvi. According to the information and explanations given to us the Company is notrequired to be registered under section 45-1A of the Reserve Bank of India Act 1934.

For M A N V & Associates
Chartered Accountants
Firm Registration No. 00735IN
Place: New Delhi Vijay Kumar Jain Partner
Date : 9lh April 2016 M. No.087502

Annexure -B referred to the Independent Auditor’s Report to the Members of IndoGulf Industries Limited being report on the Internal Financial control under Clause (i) ofSub-section 3 of Section 143 of the Companies Act 2013 ( the Act )

We have audited the internal financial controls over financial reporting of Indo GulfIndustries Limited ("the Company") as of March 31 2016 in conjunction with ouraudit of the financial statements of the Company for the year ended on that date.

Management’s Responsibility for Internal Financial Controls

The Company’s management is responsible for establishing and maintaining internalfinancial controls based on the internal control over financial reporting criteriaestablished by the Company considering the essential components of internal controlsstated in the Guidance Note on Audit of Internal Financial Controls over FinancialReporting issued by the Institute of Chartered Accountants of India. Theseresponsibilities include the design implementation and maintenance of adequate internalfinancial controls that were operating effectively for ensuring the orderly and efficientconduct of its business including adherence to company’s policies the safeguardingof its assets the prevention and detection of frauds and errors the accuracy andcompleteness of the accounting records and the timely preparation of reliable financialinformation as required under the Companies Act 2013.

Auditors Responsibility

Our responsibility is to express an opinion on the Company’s internal financialcontrols over financial reporting bases on our audit. We conducted our audit in accordancewith the Guidance Note on Audit of Internal Financial Controls Over Financial Reporting(the "Guidance Note") and the Standards on Auditing issued by ICAI and deemedto be prescribed under section 143(10) of the Companies Act 2013 to the extentapplicable to an audit of internal financial controls both applicable to an audit ofInternal Financial Controls and both issued by the Institute of Chartered Accountants ofIndia. Those Standards and the Guidance Note require that we comply with ethicalrequirements and plan and perform the audit to obtain reasonable assurance about whetheradequate internal financial controls over financial reporting was established andmaintained and if such controls operated effectively in all material respects.

Our audit involves performing procedures to obtain audit evidence about the adequacy ofthe internal financial controls systems over financial reporting and their operatingeffectiveness. Our audit of internal financial controls over financial reporting includedobtaining an understanding of internal financial controls over financial reportingassessing the risk that evaluating the design assessing the risk that a material weaknessexists and testing and evaluating the design and operating effectiveness of internalcontrol based on the assessed risk. The procedures selected depend on the auditorsjudgment including the assessment of the risks of material misstatement of the financialstatements whether due to fraud or error.

We believe that the audit evidence we have obtained is sufficient and appropriate toprovide a basis for our audit opinion on the Company's internal financial controls systemover financial reporting.

Meaning of Internal Financial Controls over Financial Reporting

A company’s internal financial control over financial reporting is a processdesigned to provide reasonable assurance regarding the reliability of financial reportingand the preparation of financial statements for external purposes in accordance withgenerally accepted accounting principles. A company’s internal financial control overfinancial reporting includes those policies and procedures that (1) pertain to themaintenance of records that in reasonable detail accurately and fairly reflect thetransactions and dispositions of the assets of the company; (2) provide reasonableassurance that transactions are recorded as necessary to permit preparation of financialstatements in accordance with generally accepted accounting principles and that receiptsand expenditures of the company are being made only in accordance with authorizations ofmanagement and directors of the company; and (3) provide reasonable assurance regardingprevention or timely detection of unauthorized acquisition use or disposition of thecompany’s assets that could have a material effect on the financial statements.

Inherent Limitations of Internal Financial Controls Over Financial Reporting

Because of the inherent limitations of internal financial controls over financialreporting including the possibility of collusion or improper management override ofcontrols material misstatements due to error or fraud may occur and not be detected.Also projections of any evaluation of the internal financial controls over financialreporting to future periods are subject to the risk that the internal financial controlover financial reporting may become inadequate because of changes in conditions or thatthe degree of compliance with the policies or procedures may deteriorate.

Opinion

In our opinion the Company has in all material respects an adequate internalfinancial controls system over financial reporting and such internal financial controlsover financial reporting were operating effectively as at March 31 2016 based on theinternal control over financial reporting criteria established by the Company consideringthe essential components of internal controls stated in the Guidance Note on Audit ofInternal Financial Controls over Financial Reporting issued by the Institute of CharteredAccountants of India.

For M A N V & Associates
Chartered Accountants
Firm Registration No. 00735IN
Vijay Kumar Jain
Place; New Delhi Partner
Date : 9th April 2016 No.087502